Should I Buy a Pre-Construction Condo or an Existing One?

If you are ready to invest your money in real estate in Toronto, you need to decide the type of property you are interested in. Usually, people prefer to invest their money in pre-construction condos and existing (resale) ones. Undoubtedly, both opportunities are great for holding a property in Toronto. There are a few more things that will depend on what type of property you should invest in, your priorities for finances, timing, and customization. The selection of a competent and professional real estate agent in the whole scenario is more important, though.

If you need expert suggestions for property investment in Toronto, Trust Condos will be the best match. We will give you the best suggestions, and our team will show you the available options across the GTA region. Before diving into the deep discussion, it is important to know about pre-construction condos and existing ones in detail.

Pre-construction Condos

A pre-construction condo can be purchased from the developer before completion. The whole process may take place using the floor plans and renderings, with occupancy. It also involves waiting years and taking on financial risks.

If you are interested in investing money in pre-construction condos in the GTA region, Trust Condos will help you check the best option as per your desires and needs. You can choose floor plans, bedrooms, bathrooms, and others accordingly.

Benefits of Buying Pre-Construction Condos

The following are the benefits of buying a pre-construction condo unit.

• Early Bird Pricing: usually, in the first phases of a development, buyers can purchase units earlier at lower prices compared to later phases potentially paying more.
• Customization Option: You are free to add your desired features to the unit, like finishes and upgrades.
• Flexible Downpayment Schedule: The best thing about investing in a Pre-Construction condo unit is that you can pay the down payment in installments instead of paying the down payment in a single go. It will give you more time to save.
• Modern Features: Pre-Construction condo units will include the latest amenities, energy-efficient systems, and a builder’s warranty that covers defects for many years.
• Avoid Bidding Wars: once the price is set with the developer, there is no more hassle to think about the price of the unit.

Why You Don’t Invest in Pre-Construction Condos?

On the other hand, there are many things that you need to watch carefully before investing in a pre-construction condo.

• Delays in Construction: Usually, people may have to face delays due to factors that are not in the developers ‘ control, such as weather, permit approvals, and supply-chain issues.
• Risk: You are buying a condo unit that will not guarantee that it will be similar to your expectations.
• Hidden Cost: You may also have to face additional costs for upgrades, taxes, and interim occupancy fees, a fee paid to the developer to live in the unit before final closing.
• Project Cancellation: if the developer fails to secure more funds or fails to sell more units, the project might be cancelled.

Existing (Resale) Condos

Existing condos already existed and were resold by the current owner at prices depending on the market conditions. If you are looking to purchase a property to live in right now, existing resale properties could be what you are looking for. Offering sooner closings to some potential pre-construction developments taking a few years to complete. However, it is important to work with experienced and knowledgeable real estate agents to guide you throughout the process to maximize your property search and find the best property according to your needs and wants. Contact Trust Condos today to learn more about how we can help you find your dream property.

Benefits of Investing in Existing Condos

The following are the benefits of investing in existing condo units.

• Immediate occupancy: You can easily move to the unit once the deal is closed or finalized.
• Get What You See: You can physically inspect the condo unit before buying. You will get the same thing that you checked.
• Get Details of Fees and Building History: A buyer can review the condo corporation’s financial documents, meeting minutes, and reserve funds to get to know about the severe issues of the building.
• Established Location: You are free to choose the condo unit by checking all amenities and the neighborhood.

Are there any Drawbacks to buying an Existing Condo Unit?

There are no major drawbacks to buying the existing condo unit. Investing your money in an existing condo unit will be a good decision. Take the help and support of the Trust Condos, and we will find the best option at your desired locations, along with the desired amenities.

If you want to move soon and need the desired amenities of the condo unit, Trust Condos will find the best match for you across the GTA region. Feel free to call us and set your appointment with our team.

The information on this blog is based on our experience. Readers/Users are strongly recommended to obtain independent property, mortgage, legal, tax, or accounting advice. The information displayed is for reference only and without representations or warranties.